McGuireWoods Advises Clyde Blowers Capital in Sale of Cone Drive to The Timken Company

July 27, 2018

McGuireWoods represented Scottish private equity firm Clyde Blowers Capital (CBC) in an agreement to sell Cone Drive, a Michigan-based industrial gearing manufacturer, to The Timken Company. Terms of the deal were not disclosed and the transaction remains subject to government and regulatory approvals.

Baltimore office managing partner and M&A lawyer Cecil Martin III led the McGuireWoods team and McGuireWoods London partner Jeremy Davis handled UK aspects of the deal. Partners Brian Kelly in Baltimore and Brent Justus in Richmond and associates Curtis Griner, Sheena Dasani and Allison Tanner assisted in the transaction.

McGuireWoods advised CBC in its 2012 acquisition of Cone Drive. Since then, CBC repositioned Cone Drive from a company operating mostly in North America to a globally integrated business with operations on three continents serving a variety of precision motion control technology markets.

“This is a great example of cross-border collaboration by lawyers in multiple practices and offices who worked together to complete this deal,” Martin said. “We value our longstanding relationship with Clyde Blowers Capital and are proud to assist CBC in this important transaction.”

Timken, headquartered in Ohio, engineers, manufactures and markets bearings and power transmission products.

McGuireWoods ranked among the leading law firms for global and U.S. M&A transactions and private equity deals in midyear league tables published by Bloomberg and Thomson Reuters. Mergers and Acquisitions magazine recognized McGuireWoods as “Law Firm of the Year” in its Mid-Market M&A Awards. In addition, the firm received nationwide recognition for its M&A practice in Chambers USA and earned praise for its M&A and private equity deal work in The Legal 500 United States and The Legal 500 Europe, Middle East & Africa.